Noodles & Co. expects IPO price of $13 to $15 a share
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Fast casual chain Noodles & Co. expects its initial public offering to price at $13 to $15 a share, the company said in a regulatory filing Monday.
The Broomfield, Colo., business said it expects $67.1 million in proceeds if shares are priced in the middle of the range at $14 a share. If underwriters choose to purchase additional shares, Noodles & Co. could raise $77.5 million, it said.
The company is offering nearly 5.4 million shares of Class A common stock, it said in a document filed with the Securities and Exchange Commission. The chain plans to trade publicly on the Nasdaq exchange under the NDLS ticker.
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In addition to noodles, the company serves pasta, soups, salads and sandwiches at 343 restaurants in 26 states and Washington, D.C. The average customer spends $8 per meal.
The company owns 291 locations. From 2004 to 2012, the number of the restaurants tripled to 327 from 100, according to the filing.
This year, Noodles & Co. said it expects to open up to 42 more company-owned eateries and as many as eight franchised spots.
In California, the chain has a smattering of locations clustered around Sacramento and San Diego.
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